1 Dec 2014
Gold recovers losses as US dollar weakens
FXStreet (Mumbai) - Gold prices edged higher during the European session as the US dollar weakened against the G-10 currencies, while a lackluster manufacturing data in China and Eurozone supported the metal.
The yellow metal has recovered from the day’s low of USD 1141.80/Oz levels to trade 0.15% higher for the day at USD 1177.10/Oz. The recovery was mainly driven by the US dollar index, which declined from the day’s high of 88.50, to trade 0.32% lower at 88.06. The recovery from the day’s low had begun after the data Chinese manufacturing activity slowed down in November. Meanwhile, the manufacturing activity in Germany contracted in November.
Gold Technical Levels
Gold has an immediate support on the hourly chart located at 1150, under which prices may once again test 1141 levels. On the flip side, breach of the immediate resistance located at 1182.70, can push the metal higher to 1190.00 levels.
The yellow metal has recovered from the day’s low of USD 1141.80/Oz levels to trade 0.15% higher for the day at USD 1177.10/Oz. The recovery was mainly driven by the US dollar index, which declined from the day’s high of 88.50, to trade 0.32% lower at 88.06. The recovery from the day’s low had begun after the data Chinese manufacturing activity slowed down in November. Meanwhile, the manufacturing activity in Germany contracted in November.
Gold Technical Levels
Gold has an immediate support on the hourly chart located at 1150, under which prices may once again test 1141 levels. On the flip side, breach of the immediate resistance located at 1182.70, can push the metal higher to 1190.00 levels.